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Economy 2020-08-07T04:03:42+03:00
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Consumer Inflation In June Below Target Range Of 5% ± 1 p.p. And Remained Smaller Compared With Forecast - NBU

Consumer Inflation In June Below Target Range Of 5% ± 1 p.p. And Remained Smaller Compared With Forecast - NBU

NBU, price, inflation, consumer inflation

Despite the acceleration, consumer inflation in June was below the target range of 5% ± 1 p.p. and remained smaller compared to the forecast.

The National Bank of Ukraine (NBU) has said this in a statement, Ukrainian News Agency reports.

“In June 2020, consumer inflation accelerated to 2.4% on an annualized basis (from 1.7% in May), and on a monthly basis, prices rose by 0.2%. Weak domestic demand restrained the price increase, the favorable situation on the foreign exchange market and relatively low energy prices. At the same time, there was a rise in prices for raw products due to adverse weather conditions," the NBU said.

It is noted that core inflation has not changed compared to May and amounted to 3.0% year over year.

Fundamental inflationary pressure was restrained by weak domestic demand and a stable situation in the foreign exchange market.

The rate of decline in prices for non-food products was almost at the level of the previous month (1.3% year over year).

So, the drop in prices for electronics, toys, travel goods has deepened, and the cost of cars, household appliances, clothes and shoes has also remained less than last year.

Rising prices for pharmaceuticals and personal care products also slowed.

“The dynamics of rising prices for services was also stable (8.4% year over year). On the one hand, the cost of medical services and personal care facilities was growing rapidly, due to both increased demand amid increasing morbidity and rising production costs," the NBU emphasized.

Prices for services of those sectors whose activities were still limited due to quarantine (recreation, education) remained at the level of March.

Rising prices for raw foodstuffs accelerated rapidly (to 5.0% year over year).

The growth rate of administratively regulated prices decreased (to 3.2% year over year).

Natural gas continued to fall in price for the population due to the inclusion in tariffs of low prices both in the global and domestic markets.

The growth rate of railway and road fares decreased due to falling fuel prices in previous periods.

Cheaper fuel prices slowed down slightly (to 26.5% year over year), reflecting the resumption of growth in world oil prices in recent months and the significant demand for fuel, given the high intensity of using private vehicles even after the lifting of restrictions on public transportation.

As Ukrainian News Agency earlier reported, in May 2020, consumer inflation in annual terms slowed to 1.7%.

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